A cake eater actually refers to Edina, MN, saying the people in it are so rich they can have their cake and eat it too. It could also refer to rich white suburban kids in general, too. And BTW- Mighty Ducks was filmed in Minnesota, so he's probably literally calling that kid a cake-eater from Edina.
"look at that f*cker driving his brand new BMW out of the school parking lot. what a cake eater"
by Britta D May 28, 2005
In Minnesota this goes as follows:

Usually used as a derogative term for calling a person of wealth a spoiled 'you have it too easy' piece of shit brat!

Usually called to rich kids who drive BMWs and Mercedes-Benz's and get their college and college housing totally paid for and also get a hefty monthly allowance that's so great that they have absolutely no need to work in order to maintain their lavish lifestyle. This is a cake eater.

Synonymous with calling someone: Spoiled rich little fuck!
Cassi: "Did you see Jesse's new BMW? He thinks he's so damn cool driving around in it but we all know his daddy bought it for him - and plus, the kid doesn't know how to drive it anyways!"

Tim: "Yeah, but dont worry about that cocky fucker, he's just another cake eater!"
by Jesse Giswold February 15, 2006
A person from Edina, MN. Used because normal people only eat cake on their birthdays or for some other special occasion, while people from Edina eat cake for breakfast because they think they're better than everyone else.
Edina kid: "OMG! i scratched daddy's BMW! looks like i have to get a new one!"
Minneapolis kid: "Shut the fuck up before i rip you to pieces you fuckin cake eater"
by 612ThUg October 12, 2006
EDINA MINNESOTA HOCKEY KIDS........Enough said, It's a common term used mostly by hockey players, who play "Rich" or "Wealthy" kids from the rich suburbs of Edina, Bloomington Jefferson...ect. It's derived from the Movie "The Mighty Duck's" it's pretty much where it started.
Man look at that team, everyone of them has brand new skates and hockey sticks, and man they even got stick bags to cover there sticks. I saw one kid even had a Butler carry in his hockey bag.......... what a bunch of "Cake Eater's"
by Adam Banks March 3, 2008
someone who is not of italian descent.
That cake eater has so much Guinness running through his potato-clogged veins. Who does he think he is, Saint Patrick?

We made be called dago, guido, or wop, but that's only by jealous cake-eaters.
by itsmeb!tches January 30, 2011
Slang term from the 1920's meaning a lady's man. But is now used for men who enjoy the butt sex.

So, really it can go both ways, but it definately means a man-whore.
"He's a slutty, cake eater."
by Bada Bing April 7, 2004
One who wants to have their cake and eat it too. This person does not necessarily have to be rich to fall into this category. It is reserved for whiney people that can't make up their minds or understand why "life has to be so hard".
Cake eater: "Why am I so unhappy? I just don't know what I want, why does life have to be so hard?"

Realistic person: "Grow the fuck up and take some responsibility for your life you fucking cake eater!"
by Mike Anarch March 3, 2006